Habib Insurance : Transmission of Quarterly Report foe the period ended March 31 2023
May 30, 2023 at 05:04 am EDT
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Habib Insurance
Est.1942
Habib Insurance Company Limited
Accounts for the Quarter ended
March 31, 2023
(Unaudited)
Habib Insurance Company Limited
Contents
Company Information
1
Directors' Review
2
Condensed Interim Statement of Financial Position
4
Condensed Interim Statement of Profit or Loss Account
and Comprehensive Income
5
Condensed Interim Statement of Changes in Equity
6
Condensed Interim Statement of Cash Flow
7
Notes to the Condensed Interim Financial Statements
8
Financial Statements - Window Takaful Operations
Condensed Interim Statement of Financial Position
21
Condensed Interim Statement of Comprehensive Income
22
Condensed Interim Statement of Changes in Fund
23
Condensed Interim Statement of Cash Flow
24
Notes to the Condensed Interim Financial Statements
25
Habib Insurance Company Limited
Company Information
Board of Directors
Chairman
:
Rafiq M. Habib
Directors
:
Mansoor G. Habib
Muhammad Hyder Habib
Qumail R. Habib
Aun Mohammad A. Habib
Shahid Ghaffar
Ali Fadoo
Maleeha Humayun Bangash
Shabbir Gulamali
Chief Executive
:
Syed Ather Abbas
Chief Financial Officer
:
Murtaza Hussain
Company Secretary
:
Muhammad Maaz Akbar
Auditors
:
M/s. Grant Thornton Anjum Rahman
Chartered Accountants
Share Registrar
:
M/s. CDC Share Registrar Services Limited
CDC House, 99-B,Block-B
SMCHS, Main Shahrah-e-Faisal
Karachi-74400
Registered Office
:
1st Floor, State Life Bldg. No. 6
Habib Square, M. A. Jinnah Road
P.O. Box 5217, Karachi-74000
Pakistan
:
(92-21) 32424030/38/39
Tel
Fax
:
(92-21) 32421600
UAN
: (92-21) 111 03 03 03
Website
:
www.habibinsurance.net
1
Habib Insurance Company Limited
DIRECTORS' REVIEW
The Board wishes to place on record, their acknowledgement and recognition of the exceptional service and contribution of Mr. Abbas D. Habib. During his tenure of 23 years as Director, he worked for the Company with wholehearted commitment and sincerity and he will be missed.
The Board also welcomes Mr. Shabbir Gulamali as Director of the Company and looks forward to benefitting from his experience and advice.
The Directors are pleased to present the unaudited accounts of the Company for the period ended March 31, 2023.
Reviewing the underwriting results for the first three months of the year, by the Grace of Allah, the written gross premium grew by 37% from Rs. 569.0 million to Rs. 777.8 million with net premium revenue also rising from Rs. 269.1 million to Rs. 415.5 million, an increase of 54%. The underwriting loss of the Company for the period was Rs. 29.5 million largely due higher claims reported during the quarter.
Investment Income for the period under review was Rs. 61.0 million. There was a provision for impairment during the quarter of Rs. 10.9 million. As a result, the profit after tax was Rs. 44.9 million with an earning of Rs. 0.36 per share.
The Board is well cognizant of local and international conditions in these challenging times and our strategy would be to focus on underwriting business without compromising on quality, proactively manage investment portfolio and to further strengthen our internal control systems. This is early part of the year and we pray to Allah that the period to follow will be successful Inshallah.
On behalf of the Board of Directors
Karachi: May 30, 2023
AUN MOHAMMAD A. HABIB
SYED ATHER ABBAS
Director
Chief Executive
2
3
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Habib Insurance Company Ltd. published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 09:03:06 UTC.
Habib Insurance Company Limited is a Pakistan-based company, which is engaged in general insurance business. The Companyâs segments include Fire and property, Marine and transport, Motor, Group hospitalization and other classes. Fire and property segment includes the perils covered under fire insurance include damages caused by fire, riot and strike, explosion, earthquake, atmospheric damage, flood, electric fluctuation, impact and other coverage. Marine and transport segment provides coverage against cargo risk, war risk and damages occurring in inland transit. Motor segment provides comprehensive car coverage and indemnity against third party loss. Group hospitalization segment provides cover to compensate personal accident, hospitalization and outpatient medical coverage to the insured. Other classes segment includes mainly bankers blanket bond, liability, engineering and others.